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The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the “Greed” zone on Friday.
U.S. stocks settled higher on Friday, with the Dow Jones index jumping more than 800 points during the session following a speech by Federal Reserve Chair Jerome Powell at the central bank’s annual Jackson Hole Symposium. Powell sent a clear signal that the central bank is preparing to shift its stance on interest rates as early as next month.
Shares of Workday, Inc. (NASDAQ:WDAY) fell around 3% on Friday after the company reported second-quarter results and issued third-quarter sales guidance below estimates. Additionally, the company announced it will acquire Paradox. Shares of BJ’s Wholesale Club Holdings, Inc. (NYSE:BJ) fell more than 8% on Friday after the company reported a second-quarter revenue miss.
On the economic data front, the Baker Hughes oil rig count fell by 1 to 411 in the latest week.
Most sectors on the S&P 500 closed on a positive note, with consumer discretionary, energy and communication services stocks recording the biggest gains on Friday. However, consumer staples stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 846 points to 45,631.74 on Friday. The S&P 500 jumped 1.52% to 6,466.91, while the Nasdaq Composite climbed 1.88% to 21,496.54 during Friday's session.
Investors are awaiting earnings results from PDD Holdings Inc. (NASDAQ:PDD), Semtech Corp. (NASDAQ:SMTC) and Heico Corp. (NYSE:HEI) today.
What is CNN Business Fear & Greed Index?
At a current reading of 60.6, the index remained in the “Greed” zone on Friday, versus a prior reading of 55.1.
The Fear & Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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